A Road Map for the Future, Research Paper Example

The accounting profession is rapidly going through an evolution as the market’s needs and requirements of a CPA changes with the changing business environment. As such, the article “CPA Horizons 2025: A Road Map for the Future” looks at 10 important things that every CPA has to put into consideration so as to stay relevant to the market. These ten themes provide insight into how the profession is conducting and will conduct business, serve clients and employers, attract and retain employees and new business and remain competitive in the marketplace throughout the next 15 years. This paper will look at four themes that I perceive to be the most important and pertinent to the accounting profession at the present time.

Technology

The 21st century has been heralded as the information age. This has largely been due to the technological advancements that have been made over the past 50 years. From the creation of the first computer to the modern day transportation, all the different areas of life have been affected.

Technology is a phenomenon that has influenced all facets of life. Technology catapults growth and development by introducing efficiency that allows faster completion of production processes. This applies to the accounting profession. Technology has led to the digitalization of accounting services. It is pertinent that all accountants that they stay current with the latest technological developments in accounting to gain a crucial advantage in the market.

Members of the profession have to be involved in finding solutions that can stakeholders and investors access financial information in real time. This would demystify the problem of inaccessibility of financial information within the market.

It is however prudent to consider that though technology makes performing accounting tasks and providing financial information real time, it also has its own flaws and weaknesses. Fraud is much easier to commit on a digital platform through manipulation of the software source code through malicious attacks to the system. This is also much harder to detect.

Demographic Shifts

The accounting profession has to enhance its appeal and proactively address both American and global demographic shifts through the creation of opportunities. The profession has to be a reflection of the influx of students, businesses and clients.

Veteran professionals should pass on the mantle to the younger generation of accountants. This can be achieved through mentoring programs. These programs will create a better cultured and seasoned accountant, in-turn raising standards within the profession.

Value Proposition

The profession’s value proposition can be enhanced by creating a clear picture of the profession’s core values and how they are reflected in different areas of business. CPAs have to be attentive to a client’s and/or employer’s needs and challenges so as to help them develop services that are best suited to take care of these needs and challenges. This has to be a continual process to ensure staying relevant in a rapidly changing market.

The value of the accounting profession or the value of an accounting profession has to be depicted in their work. When client, businesses and employers realize the value of a professionals work, then the profession will increase its prestige.

Marketplace

A professional has to identify the continual changes within the operating business environment. Changes in the marketplace and business environment can adversely affect a professional’s delivery of services. The society continues to shift and CPAs have to keep up with these changes. Technology is a shifting component of development that has to be put into consideration when performing and executing services.

It is essential that CPAs adapt to changes within the marketplace so that they can help investors and clients stay up-to-date with the market changes the business is exposed to. This will allow all stakeholders adapt to the change and also respond to it in the most appropriate manner.

Personal Opinion

I believe that the impacts highlighted by these themes on the accounting profession are indeed true. This is because the changes and impacts that these areas have on the profession are already visible in the market today. With the increasing number of corporate scandals and fraud cases involving individuals in the accounting profession, there is need to respond to the rapid changes within the business environment and the changing needs of clients. It is crucial that one gets acquainted to the changes in the market and quickly adapt.

I also believe that client information is a pertinent issue in the 21^st Century market. This is because, in the information age, information is currency. Anyone with the information has the power to affect the market. As such clients’ information should be secured by the creation of security systems that protect sensitive corporate information.

I believe that the ten themes highlighted by the author are important in understanding the market. The accounting profession is constantly going through changes as a result of the changing business environment and the changing needs of clients. As such it important that CPAs understand the underlying trends within the market so as to develop products and service that respond to the needs and conditions of the market.

References

CPA Horizons 2025: A Road Map for the Future. (2011). Journal of Accountancy New York, 212(6), 44-47.

Evaluating the AICPA’s CPA Horizons 2025. (2012). The CPA Journal, 11-13.